A bond has a Macaulay duration of 4.5,a yield to maturity of 5.1 percent,a coupon rate of 6.0 percent,and semiannual interest payments.What is the bond's modified duration?
A) 3.59 years
B) 4.39 years
C) 4.92 years
D) 5.06 years
E) 5.26 years
Correct Answer:
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